The IPO could see new shares issued and a 10% stake sold by MSEB Holding Co.
To make things more investor-friendly, Maharashtra will take on ₹33,000 crore ($3.5 billion) of liabilities and spin off its subsidy-heavy agriculture business.
Last year, the utility pulled in a ₹900 crore profit on ₹1.2 trillion revenue—so they're hoping these changes will boost confidence and modernize how state power works.